Fortune 500 Financial Services organization Streamlines Operations with Modern PAS
Overview.
A Fortune 500 Financial Services organization, a non-profit fraternal benefit society, that offers financial products and services including life insurance, annuities, disability income insurance, health insurance, and bank products to its nearly 3 million members, partnered with Coforge to modernize their Policy Administration System (PAS). Coforge's proprietary framework and tools facilitated the consolidation of seven legacy PAS systems into one, improving efficiency, reducing costs, and accelerating product launches.
This Fortune 500 organization faced limitations with its outdated PAS systems:
Legacy Technology: Seven disparate PAS systems, some with multiple versions, hindered efficiency and compliance.
Slow Time to Market: Launching new products was delayed due to complex legacy systems.
High Maintenance Costs: Maintaining multiple legacy systems was expensive.
Data Accuracy Concerns: Migrating policies across various systems posed data integrity risks.
Solution
Coforge's approach to modernizing the client's PAS system revolved around two key elements:
1. Proprietary Conversion Framework:
This time-tested framework, built on experience from past conversions, offered:
90% Estimation Accuracy: Leveraged data from past projects to provide accurate estimates for time and resources.
Flexibility for Complexity: Applicable to various conversion scenarios with different levels of complexity.
Multi-Line of Business (LOB) and Platform Support: Designed to handle data migration across diverse product lines and platforms.
The framework itself comprised a structured, four-stage data conversion process:
Data Profiling: Analyzing source data to understand its structure, quality, and key fields.
Conversion Readiness Assessment: Determining the optimal conversion approach (full vs. partial), data transformation needs, and conversion timing (point-in-time or inception-to-date).
Conversion Strategy Development: Defining a step-by-step plan for data migration, including issuing contracts, processing historical data, and applying transactions in the target system.
Execution and Validation: Seamless data migration with comprehensive testing (dry runs, balance reports) to ensure accuracy. Post-conversion support and data archiving procedures were also established.
2. Custom-Developed Tools and Accelerators: Coforge complemented their framework with a suite of in-house tools:
Conversion Clone Tool: Facilitated efficient test environment creation for data migration trials.
Automated Retrofitting and Testing Tools: Streamlined data transformation and ensured data integrity throughout the process.
Test Bed Creator and Data Quality Analysis Tools: Enabled rapid test environment set-up and data quality assessment.
Management Information System (MIS) Reports: Provided real-time insights into the conversion process, allowing for early identification and resolution of any issues.
By leveraging this combined approach of a robust framework and custom tools, Coforge ensured a systematic, efficient, and accurate migration from the legacy PAS systems to the modern platform. This minimized risks, streamlined the conversion process, and saved the client valuable time and resources.
The Impact
Improved operational efficiency Through a consolidation of seven legacy systems into a single, modern PAS platform.
Substantial cost savings Through the elimination of maintenance expenses for outdated legacy systems
Faster Time to Market By streamlining the PAS environment
Improved Data Accuracy and Integrity Ensured by Coforge's framework and tools
